Laserfiche WebLink
MINIM <br />VINO <br />AMEN <br />IMINM <br />CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2000 <br />Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) <br />R. PRIOR PERIOD ADJUSTMENT <br />The beginning fund balance in the Town Center Project Fund was restated in the amount of $120,000 <br />due to a correction of an accrued payable in the previous year. <br />S. MEMORANDUM ONLY - TOTAL COLUMNS <br />Total columns on the General Purpose Financial Statements are captioned "Memorandum Only" to <br />indicate that they are presented only to facilitate financial analysis. Data in these columns do not <br />present financial position, results of operations or changes in cash flows in conformity with generally <br />accepted accounting principles. Neither are such data comparable to a consolidation. Interfund <br />eliminations have not been made in the aggregation of this data. <br />Note 2 DEPOSITS AND INVESTMENTS <br />DEPOSITS <br />In accordance with Minnesota Statutes, the City maintains deposits at those depository banks <br />authorized by the City Council, all of which are members of the Federal Reserve System. <br />Minnesota Statutes require that all City deposits be protected by insurance, surety bond, or collateral. <br />The market value of collateral pledged must equal 110% of the deposits not covered by insurance or <br />bonds. <br />Authorized collateral includes the legal investments described below and certain other state or local <br />government obligations. Minnesota Statutes require that securities pledged as collateral be held in <br />safekeeping by the City Treasurer or in a financial institution other than that furnishing the collateral. <br />At year -end, the carrying amount of the City's deposits was $519,081 and the bank balance was <br />$468,907. The entire bank balance was covered by Federal depository insurance or by collateral held <br />by the City's agent in the City's name. <br />